Intertape swings to quarterly loss

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LONDON (MarketWatch) -- Intertape Polymer Group, Inc.
ITP, +1.98%ITP, +1.98%
the Montreal-based maker of plastic- and paper-based-packaging products and systems for industry and retail, said it swung to a fourth-quarter net loss of $15.2 million, or 37 cents a share, compared to a net profit of $9.7 million, or 24 cents a share, a year earlier. Excluding a one-time tax expense of $4.8 million, the adjusted loss came in at $8.5 million, or 21 cents a share, compared to an adjusted profit of $9.2 million, or 22 cents a share, in the year-ago period. Sales slipped 13% to $187.4 million. The company said first-quarter sales volume levels of its tapes and film products are expected to be similar to those of the third and fourth quarters of 2006. In the first quarter, the company said it sees plant utilization more closely aligned with sales demand resulting in better absorption of fixed costs in this period.

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